Yulu to raise $100 million

Yulu, an electric two-wheeler startup in a bid to expand its business is aiming to raise $100 million and to capture the major market share of the emerging last-mile mobility industry. This startup has created India’s largest battery as a service network. The company has achieved a milestone of 3 million battery swaps as of now. Yulu aims to increase its fleet to 100,000 from 10000.  The company plans to launch its products in new cities and also to sell their vehicles to personal customers. Amit Gupta, founder and CEO of Yulu, said: “All the tailwinds lead it to usage - policies, the adoption, which is primarily led by the food delivery and grocery companies will drive the growth.” Yulu was founded by Amit Gupta, RK Misra, Hemant Gupta, and Naveen Dachuri to avail cleaner urban commute in the year 2017. Yulu till now has raised $30 million dollars in equity capital. Marquee investors like Bajaj Auto, Blume, 3One4, WaveMaker, and Rocketship have invested in this startup. Yulu is also planning to launch a product called Yulu Express for personal buyers. Mr. Gupta speaking about it said: “From overall look and feel it will be very different. It will be jazzier, personality and meat overall. Under the hood, it will be the same reliable set of motors, controllers, and battery.”